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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Investments:    
Fixed maturity securities available for sale, at fair value (amortized cost: $1,227,605 in 2025; $973,330 in 2024) $ 1,224,187 $ 939,046
Equity securities, at fair value (cost: $81,772 in 2025; $32,987 in 2024) 99,333 40,529
Equity method investment 0 2,277
Other investments 28,503 5,863
Total investments 1,352,023 987,715
Cash and cash equivalents 106,875 80,438
Restricted cash 17 101
Accrued investment income 11,545 8,440
Premiums receivable 452,908 305,724
Deferred policy acquisition costs, net of ceding commissions and fronting fees 127,718 94,881
Reinsurance recoverable on paid losses and loss adjustment expenses 56,428 47,076
Reinsurance recoverable on unpaid losses and loss adjustment expenses 412,273 348,083
Ceded unearned premiums 355,918 276,237
Prepaid expenses and other assets 110,896 91,086
Deferred tax assets, net 761 8,768
Property and equipment, net 2,551 429
Goodwill and intangible assets, net 61,054 13,242
Total assets 3,050,967 2,262,220
Liabilities:    
Accounts payable and other accrued liabilities 115,663 70,079
Reserve for losses and loss adjustment expenses 688,231 503,382
Unearned premiums 988,143 741,692
Ceded premium payable 271,413 190,168
Funds held under reinsurance treaty 44,850 27,869
Total liabilities 2,108,300 1,533,190
Stockholders' equity:    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024 0 0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,520,417 and 26,529,402 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 3 3
Additional paid-in capital 523,168 493,656
Accumulated other comprehensive loss (2,506) (26,845)
Retained earnings 422,002 262,216
Total stockholders' equity 942,667 729,030
Total liabilities and stockholders' equity $ 3,050,967 $ 2,262,220